Chinese Metal Market Summary Sept 11

Steel and iron ore imports decline in August in China

According to the report of China’s Custom, Chinese steel and iron ore imports dropped comparing to July. However, the total steel and iron ore imports from January to August increased by volume compared with the same period of 2008.

Steel import in August was 1.59 million tons, down by 8.6 percent comparing to July and the total imports from January to August was 11.47 million tons, up by 3.7 percent from 11.06 million tons.

Meanwhile, iron ore import was 49.68 million tons in August, dropping by 14.4 percent and the total iron ore imports from January to August was 4.049 billion tons, declining by 31.9 percent comparing to the same period of 2008.

China’s Wuhan Steel to lower Oct steel prices

Wuhan Iron and Steel Co., China’s third largest steelmaker, said it cut the its steel price for October for major steel products by up to RMB 400 per ton as it foresees the domestic demand drop slightly. Wuhan Steel, has cut some CR steel products by 300 RMB per ton and some steel plates price remain unchanged.  China’s steel price has reached 10-month high in early August; however, the market signals slow as the iron ore prices down and steelmakers to slash their prices. Baosteel said it would cut major steel products by 6%.

Source www.yieh.com